A personal, guided tour to the best scoops and stories every day in The Wall Street Journal, from Editor in Chief Gerard Baker.

Gerard Baker is away. Today’s 10-Point is by Deputy Editor in Chief Matt Murray. Follow him on Twitter @MurrayMatt.

Riding a Tiger

China’s leadership is struggling to manage the market in largely uncharted territory. Today Beijing guided its currency lower for a third day after briefly intervening to prop it up the day before, while central bank officials offered a rare public defense of the devaluation. Markets...